UK Companies Crowdfund 4.2 Million Euros For Plastic Recycling
Recycling Technologies, a British company, completed a fundraising campaign on the crowdfunding website. After two weeks of opening to investors, the amount of funds raised was three times its target.
The mixed waste plastics chemical recovery specialist company announced on March 20 that the target for raising funds was 1.2 million pounds, eventually exceeding 300%, reaching a cap of 3.7 million pounds.
The fund raising attracted more than 1,500 investors. The company stated in its statement: "The company has attracted investment from existing investors, strategic investors and public investors."
InterChem is a global oil and petrochemical product trader with the largest investment of £1 million.
Recycling Technologies' innovative RT7000 machine recycles mixed waste plastics, including those that are considered non-recyclable, such as film, and colored plastic laminates, including snack bags and food bags.
This machine converts plastic waste recycling into a petroleum product called Plaxx.
The company has set a goal of adding 10 million tons of plastic recycling capacity globally by installing RT7000 machines before 2027.